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European Gas Rally Pauses as Traders Await Clarity on LNG Talks
Europe’s rally in natural gas futures took a breather, with traders awaiting clarity on Wednesday’s talks between Chevron Corp. and its workers at a liquefied natural gas plant in Australia. Benchmark futures eased after surging almost 40% in the previous three sessions. The Dutch contract briefly hit €50 per megawatt-hour earlier for the first time since April. Prices jumped this week amid heightened anxiety over supplies, with the region on the cusp of the heating season as temperatures are expected to start dropping in the next few days. While European storage sites are nearly full and will provide a cushion ... (full story)